Question One God Is Good Company produces a single product, the following figures were extracted from their records for the year ended December 31, 2020. Units in beginning inventory: direct material (1,000 units) GH30.00 direct labour GH65.00 : variable overhead GH35.00 : fixed overhead GH032.00 Units produced 12,500 units Units sold (10,000 units) GH0425.00 per unit Variable costs per unit: Direct materials GH450.00 Direct labour GH100.00 Variable overhead GHC60.00 Fixed overhead per unit produced GH 25.00 General and administrative cost (60% variable) 525,350.00 Selling and distribution cost (40% fixed) 315,500.00 a Prepare an Income Statement for God-Is-Good Company using the full costing approach (10 marks) h Prepare an Income Statement for God Is Good Company using variable costing approach. (10 marks) e Prepare the Reconciliation Statement (4 marks) d One important aspect of overall material management is the inventory control. Required, discuss the two problems associated with inventory control (6 marks) TOTAL: 30 MARKS Question One God Is Good Company produces a single product, the following figures were extracted from their records for the year ended December 31, 2020. Units in beginning inventory: direct material (1,000 units) GH30.00 direct labour GH65.00 : variable overhead GH35.00 : fixed overhead GH032.00 Units produced 12,500 units Units sold (10,000 units) GH0425.00 per unit Variable costs per unit: Direct materials GH450.00 Direct labour GH100.00 Variable overhead GHC60.00 Fixed overhead per unit produced GH 25.00 General and administrative cost (60% variable) 525,350.00 Selling and distribution cost (40% fixed) 315,500.00 a Prepare an Income Statement for God-Is-Good Company using the full costing approach (10 marks) h Prepare an Income Statement for God Is Good Company using variable costing approach. (10 marks) e Prepare the Reconciliation Statement (4 marks) d One important aspect of overall material management is the inventory control. Required, discuss the two problems associated with inventory control (6 marks) TOTAL: 30 MARKS